Northwest & Ethical Investments L.P. Reduces Stake in TE Connectivity Ltd. (NYSE:TEL)

Northwest & Ethical Investments L.P. lowered its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 182,681 shares of the electronics maker’s stock after selling 16,819 shares during the period. Northwest & Ethical Investments L.P. owned 0.06% of TE Connectivity worth $27,583,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc increased its position in TE Connectivity by 209.8% in the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after buying an additional 128 shares during the last quarter. Olistico Wealth LLC purchased a new stake in TE Connectivity in the 2nd quarter worth about $30,000. Armstrong Advisory Group Inc. lifted its holdings in TE Connectivity by 208.3% during the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Bank & Trust Co purchased a new stake in TE Connectivity during the second quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC increased its stake in shares of TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 245 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on TEL shares. Hsbc Global Res cut shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. Bank of America dropped their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Wells Fargo & Company dropped their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday, September 20th. Finally, The Goldman Sachs Group decreased their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $159.55.

TE Connectivity Price Performance

TEL traded up $1.27 on Thursday, reaching $151.13. The company had a trading volume of 1,099,576 shares, compared to its average volume of 1,817,419. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98. The company has a market cap of $45.21 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 2.07 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The business has a 50 day simple moving average of $149.24 and a 200 day simple moving average of $149.68.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. During the same quarter last year, the company posted $1.78 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its Board of Directors has approved a stock repurchase plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

TE Connectivity Company Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.